Ukraine updates procedure for disclosing information about an insurance intermediary
The National Bank of Ukraine has updated the procedure for disclosing information about an insurance intermediary and the sale of an insurance product as an additional to other goods, works or services. These changes were approved by NBU Resolution No. 173 of December 26, 2024.
The UkrStrakhuvannya website from the NBU press release states that the Regulation on disclosing information about an insurance intermediary to consumers stipulates requirements for the amount of information about the activities of an insurance intermediary that is disclosed to the consumer before concluding an insurance contract: on the procedure for receiving insurance premiums and making insurance payments by the insurance intermediary, the procedure for providing assistance services, the procedure for processing and protecting the consumer’s personal data, contacts of the insurance intermediary and the National Bank for submitting applications.
In addition, requirements have been established for the procedure for selling an insurance product that is additional to other goods, works or services in order to limit the possibility of imposing insurance products on consumers.
Insurers and insurance intermediaries must also bring the information posted on their websites into line with the Regulation.